The city of New Orleans will accept the $45 million settlement offer for the economic damages from the Deepwater Horizon disaster in the Gulf of Mexico.

New Orleans Mayor Mitch Landrieu made the announcement Thursday.

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The settlement will be finalized when BP accepts the city’s signed agreement. The Mayor’s Office said the settlement doesn’t include claims, rights and causes of action asserted by the Wisner Donation Trust.

The funds will be used for water management and coastal and ecosystem restoration.

“This settlement is a down payment on our city’s and children’s futures,” Landrieu said. “New Orleans remains committed to being one of the nation’s most resilient cities by proactively preparing for and responding to any challenges that come our way – and building our great city back not as she was, but as she always should have been.”

British Petroleum’s Macondo oil well blew out April 20, 2010, and the Deepwater Horizon rig exploded and eventually sank into the Gulf of Mexico. Eleven people died in the explosion.

Millions of barrels of oil drained from BP’s well over the next several months, making the disaster the worst in the U.S.’ history.